Miners vow to unlock Spencer Gulf iron ore

A consortium of iron ore explorers in South Australia and NSW have banded together to unlock billions of tonnes of iron ore 150km east of South Australia’s Spencer Gulf.

The Braemar Iron Alliance consortium comprises listed and privately owned mineral exploration companies with tenements along the Braemar Iron Formation, which stretches for about 250km from Peterborough in SA to Broken Hill in NSW.

According to Braemar Iron Alliance spokesman Andrew Woskett, the managing director of ASX-listed explorer
Minotaur Exploration
, the group members see the potential for 20 to 40 billion tonnes of mineable deposits.

Around $6 billion worth of investment could be spent in the region if all of the anticipated projects proceed to development, Mr Woskett said.

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On Monday, Minotaur released an initial iron ore exploration target of between 2.4 billion and 4 billion tonnes.

The joint venture project is 40.9 per cent owned by Minotaur Exploration and 59.1 per cent owned by Japan’s Sumitomo Metal Mining Oceania.

Separately, Carpentaria Exploration and joint venture partner Bonython Metals Group announced the completion of the pre-feasibility study of the Hawsons Magnetite Iron Project, also located in the Braemar Iron Formation.